Christopher Kiiza

Parliament, on Tuesday approved a government request to borrow up to Euro 110.5 million (about Shs 450 billion) from Standard Chartered Bank to finance the Kitgum-Kidepo Road upgrading project. The 115-kilometer-long Kitgum-Kidepo Road in Northeastern Uganda serves as a vital link between the Kitgum and Kaabong districts.

Uganda, from January 15th to 20th, 2024 hosted the 19th Summit of Non-Aligned Movement (NAM) Heads of State and Government in Kampala, convening representatives from 120-member states. Following this, from January 21st to 23rd, the nation also hosted the Third South Summit, held within the framework of the Group of 77 plus China, a coalition of developing nations.

As inflation rates surge and the value of the Ugandan shilling declines, the Bank of Uganda has taken decisive action by raising the Central Bank Rate (CBR) from 9.5% to 10%. This was done during a special Monetary Policy Committee (MPC) meeting on Wednesday. “The MPC raised the CBR by 50 basis points to 10%. The bands on the CBR remain at +/-2 percentage points and the margins on the CBR for rediscount and bank rates at 3 and 4 percentage points, respectively.